Spanish house prices fall 7.7% on annual basis

MADRID (MarketWatch) -- House prices in Spain fell 0.4% for the second quarter against the previous quarter and fell 7.7% on an annual basis, the Instituto Nacional de Estadistica reported on Wednesday. That compares to a fall of 2.7% in the first quarter and an annual decline of 7.6%. Prices for new homes fell 3.9% on an annual basis in the second quarter, while those of second-hand homes fell 11.2%. A collapse in the construction industry in Spain has helped fuel a deep recession for the country. Meanwhile, Tinsa, one of Spain's leading appraisal companies, reported that property prices fell by 8.9% over the 12 months to the end of August, indicating that the fall in property prices has bottomed out at around 10%.

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